My Publicist Note Book

Official word of the latest chapter in the ongoing financial woes that have hampered iHeartMedia over the past decade, reporting that the company has filed for bankruptcy protection in order to try and secure some relief from an excess of $20 billion in debt on its balance sheets The company said the agreement it ‍reached with holders of more than $10 billion of its outstanding debt would restructure its balance sheet by transferring 94 percent of the stock in the reorganized company to its lenders. IHeartMedia has struggled with debt that was taken on to finance a $17.9 billion leveraged buyout, or LBO, in 2008 of what was then Clear Channel Communications Inc. That deal led by Bain Capital LLC and Thomas H. Lee Partners LP closed just as a financial crisis began to undermine the U.S. economy. In the years that followed, the operator of 849 radio stations has faced intensifying competition for advertisers and listeners from internet platforms such as music streaming ...